Durant Development Corporation
- Assets
- $668.8k
- Revenue
- $37.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Durant, IA
- Founding
- 03/1990
- Data as of
- 12/2022
- EIN
- 42-1324829
Organization Overview
Durant Development Corporation is located in Durant, IA. The organization was established in 1990. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Durant Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Durant Development Corporation generated $37.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $3.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE DURANT DEVELOPMENT CORPORATION WAS ESTABLISHED WITH THE PURPOSE TO ENCOURAGE, ASSIST, MAINTAIN, AND DEVELOP IN AND FOR THE CITY OF DURANT AND SURROUNDING AREA, INDUSTRIAL AND BUSINESS PROJECTS OF SUCH CHARACTER AS WILL ENLARGE EMPLOYMENT OPPORTUNITIES AND AID THE GROWTH AND DEVELOPMENT OF THE CITY OF DURANT AND THE SURROUNDING AREA. THE ORGANIZATION DOES THIS THROUGH THE FOLLOWING ACTIVITIES: 1. RESEARCHING AND LOCATING DESIRABLE NEW BUSINESSES FOR ESTABLISHMENT AND DEVELOPMENT IN DURANT. PRESENTING OUR COMMUNITY AS A GOOD PLACE FOR THE COMPANIES TO LOCATE OR EXPAND. WE ACCOMPLISH THIS BY GATHERING INFORMATION ABOUT INFRASTRUCTURE, SITE AVAILABILITY AND PRICING, COMPARATIVE WAGE SCALES AND SIMILAR FACTS ABOUT OUR COMMUNITY TO PRESENT TO DEVELOPMENT PROSPECTS. THIS WORK IS DONE BY VOLUNTEER BOARD MEMBERS. 2. ATTEMPTING TO BRING AVAILABLE LAND UNDER CONTROL SO WE CAN MARKET THE LAND TO PROSPECTS AT AN ATTRACTIVE PRICE. WE ACCOMPLISH THIS BY RESEARCHING AVAILABLE LAND, AND NEGOTIATING
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE DURANT DEVELOPMENT CORPORATION WAS CREATED FOR MARKETING THE CITY OF DURANT AS A GOOD PLACE FOR A COMPANY TO LOCATE AND EXPAND. THE ORGANIZATION WORKS TOGETHER WITH DURANT CITY OFFICIALS TO GATHER AND COLLATE INFORMATION REGARDING INFRASTRUCTURE, SITE AVAILABILITY AND PRICING, COMPARATIVE WAGE SCALES AND SIMILAR FACTS ABOUT THE DURANT COMMUNITY TO PRESENT TO INDUSTRIAL DEVELOPMENT PROSPECTS. THE ORGANIZATION ALSO WORKS WITH CITY OFFICIALS TO BRING AVAILABLE LAND UNDER CONTROL SO THEY CAN MARKET THE LAND TO PROSPECTS AT AN ATTRACTIVE PRICE AS OPPOSED TO DEALING WITH INFLATED PRICES THAT INDIVIDUAL LANDOWNERS MIGHT CHARGE.
THE DURANT DEVELOPMENT CORPORATION WAS CREATED FOR MARKETING THE CITY OF DURANT AS A GOOD PLACE FOR A COMPANY TO LOCATE AND EXPAND. THE ORGANIZATION WORKS TOGETHER WITH DURANT CITY OFFICIALS TO GATHER AND COLLATE INFORMATION REGARDING INFRASTRUCTURE, SITE AVAILABILITY AND PRICING, COMPARATIVE WAGE SCALES AND SIMILAR FACTS ABOUT THE DURANT COMMUNITY TO PRESENT TO INDUSTRIAL DEVELOPMENT PROSPECTS. THE ORGANIZATION ALSO WORKS WITH CITY OFFICIALS TO BRING AVAILABLE LAND UNDER CONTROL SO THEY CAN MARKET THE LAND TO PROSPECTS AT AN ATTRACTIVE PRICE AS OPPOSED TO DEALING WITH INFLATED PRICES THAT INDIVIDUAL LANDOWNERS MIGHT CHARGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Witt Vice Preside | OfficerTrustee | 1 | $0 |
Dan Alpen President | OfficerTrustee | 1 | $0 |
Michael R Hein Secretary/tr | OfficerTrustee | 2 | $0 |
Delmar Frick Director | Trustee | 1 | $0 |
Tom Compton Director | Trustee | 1 | $0 |
Gary Paper Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $500 |
| Total Program Service Revenue | $3,800 |
| Investment income | $6,220 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$1,040 |
| Net Gain/Loss on Asset Sales | $27,936 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,416 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,489 |
| Fees for services: Accounting | $450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20 |
| Advertising and promotion | $0 |
| Office expenses | $51 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $296 |
| All other expenses | $0 |
| Total functional expenses | $3,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $580,671 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $88,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $668,849 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $668,849 |
| Total liabilities and net assets/fund balances | $668,849 |
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